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Saudi Arabia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision

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  • International Monetary Fund

Abstract

Much progress has been achieved in strengthening Saudi Arabia’s banking regulatory and supervisory framework in recent years, and additional enhancements are under preparation. Recent updates to primary and secondary legislation include the Saudi Central Bank Law (SCBL; 2020), the Anti-Money Laundering Law (2017), and regulations to address emerging risks such as financial fraud and cyber risks. The authorities intend to use the new draft Banking Control Law (BCL) to further strengthen the framework. Public consultation on the Bill ended in early-2023 and as the authorities consider the feedback received, the findings of this assessment will prove useful in finalizing the Bill and further align the framework with the Basel Core Principles (BCP).

Suggested Citation

  • International Monetary Fund, 2024. "Saudi Arabia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision," IMF Staff Country Reports 2024/282, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/282
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